Historically, the listing agent and the buyer’s agent split the commission, but
• As a seller, you can offer compensation to buyer agents. • You should consider doing this to make your listing more attractive to buyers. • Your agent will need to let you know and get your approval for any payment or offer of payment that a listing agent will make to another agent acting for buyers. • This disclosure must be made to you in writing before any payment or agreement to pay another agent acting for buyers and must specify the payment amount or rate. • If you approve an offer of compensation, there are changes to how it can be communicated—your agent cannot include it on an MLS. • Your agent can advertise your listing via off-MLS platforms such as social media, flyers, and websites. • As the seller, you can still offer buyer concessions on an MLS (for example, concessions for buyer closing costs). • Compensation for your agent remains entirely negotiable and is not set by law. If your agent is a REALTOR®, they must abide by the REALTOR® Code of Ethics and have clear and transparent discussions with you about compensation. • When you find an agent to work with, please ask questions about compensation and understand what services you are receiving. • Agents who are REALTORS® are here to help you navigate the home selling process and are ethically obligated to work in your best interest. ( Added 9/5/24 )
PAYING THE COMMISSION ITSELF 16
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